The Pakistani rupee remained stable against the US dollar in the open market on Monday. Currency dealers reported that the rupee was being quoted at 297 for selling and 294 for buying purposes in the open market. Last week, the rupee had a positive performance, gaining 7.00 rupees against the USD in both buying and selling, closing at 294.00 and 297.00 respectively. This narrowed the gap between the open market and the inter-bank market, meeting the International Monetary Fund’s requirements. In the inter-bank market, the rupee marginally gained against the dollar on Monday. The recent increase in the rupee’s value is attributed to the efforts of law enforcement agencies in cracking down on illegal currency exchanges and smugglers. The State Bank of Pakistan has also implemented reforms by directing commercial banks to establish their own exchange companies. However, experts warn that the artificial appreciation of the rupee may lead to increased imports, which could contribute to a trade deficit and negatively impact the current account.
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